Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Takeovers Panel complaints relating to Oyster Bay

Takeovers Panel decisions on complaints relating to Oyster Bay

The Takeovers Panel today considered a complaint by the committee of independent directors of Oyster Bay Marlborough Vineyards Limited (Oyster Bay). The complaint related to a possible sale of Oyster Bay shares by Peter Yealands Investments Limited (PYIL) after its partial takeover offer for Oyster Bay has closed, but before the transfer of shares was completed (if the offer is successful).

The independent directors complained that the possible sale, which has been under consideration by PYIL, would breach rule 35 of the Code. Rule 35 prevents an offeror selling target company shares during the offer period. The independent directors complained that, in addition, the sale by PYIL would breach the terms of PYIL’s takeover offer document.

The Panel received submissions from both parties in response to the complaint. The Panel considered the information and decided, based on the submissions, to take no further action in respect of the complaint by the independent directors.

* * * * *

A complaint from Delegat’s Wine Estate Limited (Delegat’s) against PYIL was also considered by the Panel today.

Delegat’s is also making a partial takeover bid for Oyster Bay. This complaint alleged that a statement in a variation notice posted on the NZX website by PYIL on 7 July 2005 (raising the price offered for Oyster Bay shares), was misleading and breached the Code.

The statement was about the chances of Oyster Bay shareholders selling all their shareholdings under the two partial offers. The Panel considered the information and decided to take no further action in respect of the complaint by Delegat’s.

* * * * *

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news